Bancor (BNT)

$0.946695 (-18.05%)

CMC# Market Cap (USD) Volume (24hr) Circulating Supply NVTS Change (7d) Change (24h) Savings Per 1K
126 $65,688,000.00 $40,056,800.00 69,386,600 BNT -- -18.05% 0.54% $170.88

Exchange Pair Volume (24h) Price
AEX BNT/USDT 314,011.00 0.9250000000
Binance BNT/BTC 143,038.00 0.0000711300
HitBTC BNT/BTC 698,043.00 0.0000710600
Binance BNT/USDT 191,484.00 0.9209000000
MXC BNT/USDT 869,375.00 0.9240000000
Huobi Global BNT/USDT 71,604.00 0.9232000000
HitBTC BNT/USD 419,740.00 0.9206810000
P2PB2B BNT/USD 18,964.80 0.9200000000
P2PB2B BNT/USDT 23,346.00 0.9219000000
AAX BNT/USDT 68,422.00 0.9215000000
AAX BNT/BTC 64,147.00 0.0000713200
BKEX BNT/USDT 118,264.00 0.9209000000
P2PB2B BNT/BTC 5,587.75 0.0000711000
Binance BNT/BUSD 6,363.34 0.9220000000
Binance BNT/ETH 7,856.41 0.0022680000
Huobi Global BNT/BTC 19,395.20 0.0000710400
Huobi Global BNT/ETH 36,764.00 0.0022670000
Balancer 0X1F573D6FB3F13D689FF844B4CE37794D79A7FF1C/ETH 10,103.14 0.0022647679
Hotbit BNT/USDT 7,566.78 0.9300624900
Hotbit BNT/BTC 4,098.19 0.0000715800
Bittrex BNT/BTC 3,041.45 0.0000710100
Uniswap (v2) 0X1F573D6FB3F13D689FF844B4CE37794D79A7FF1C/ETH 16,632.99 0.0022767223
P2PB2B BNT/ETH 5,557.47 0.0022710000
Emirex BNT/USDT 6,427.36 0.9223000000
CoinEx BNT/USDT 20,040.00 0.9190000000
Hotbit BNT/ETH 3,928.75 0.0022783300
Atomars BNT/USDT 786.59 0.9230000000
Atomars BNT/BTC 734.59 0.0000711200
Atomars BNT/ETH 33.01 0.0022710000
VCC Exchange BNT/BTC 84,350.00 0.0000711300
VCC Exchange BNT/USDT 106,505.00 0.9259000000
HBTC BNT/USDT 3,598,769.00 0.9267000000
LATOKEN BNT/ETH 1,992,008.00 0.0022650000
Bilaxy BNT/USDT 3,813,314.00 0.9261000000
Hoo.com BNT/USDT 880,219.00 0.9269000000
Bitrue BNT/BTC 56,551.00 0.0000711400
Bitrue BNT/ETH 13.89 0.0022710000
Bvnex BNT/USDT 24,621.00 0.9269700000
VCC Exchange BNT/ETH 5,390.34 0.0022670000
Hoo.com BNT/ETH 260,853.00 0.0022710000
BitZ BNT/USDT 293,500.00 0.9127000000
XT BNT/USDT 94,298.00 0.9240000000
CoinEx BNT/ETH 19,645.76 0.0022568600
ChainEX BNT/BTC 1,425.99 0.0000713800
Livecoin BNT/BTC 430.52 0.0000704900
Digifinex BNT/USDT 202.05 0.9170000000
CoinBene BNT/BTC 14,932,691.00 0.0000712300
IDCM BNT/USDT 8,630,291.00 0.9210000000
OKEx BNT/BTC 120,199.00 0.0000706000
TOKOK BNT/USDT 130,785.00 0.9220000000
Aprobit BNT/KRW 16,431.67 1,050.0000000000
CoinEx BNT/BTC 19,205.71 0.0000710200
Bittrex BNT/ETH 597.51 0.0022407500
Poloniex BNT/BTC 43.11 0.0000703300
Bancor Network ETH/BNT 187,310.00 401.8907948924
WhaleEx BNT/USDT 61,651.00 0.9207000000
1inch 0X1F573D6FB3F13D689FF844B4CE37794D79A7FF1C/ETH 36,667.00 0.0022818230
Bancor Network XDCE/BNT 34,966.00 0.0076891726
Bancor Network AMPL/BNT 6,990.46 1.3301749517
Bancor Network EOS/BNT 6,242.22 2.8216704288
Bancor Network RCN/BNT 4,767.36 0.0465878485
Bancor Network IQ/BNT 4,091.35 0.0024760295
Bancor Network RPL/BNT 3,835.48 3.8366830488
Bancor Network MRPH/BNT 3,595.00 0.2257132539
Bancor Network DAI/BNT 2,970.71 1.0775110234
Bancor Network SPD/BNT 2,341.97 0.0000736540
Bancor Network REM/BNT 2,312.33 0.0020042133
Bancor Network MAD/BNT 2,199.14 0.0701346340
Bancor Network AMN/BNT 2,126.33 0.0016532826
Bancor Network USDT/BNT 2,029.03 1.0334603456
Bancor Network VIB/BNT 1,771.94 0.0170062984
Bancor Network ANT/BNT 1,677.46 3.5154236387
Bancor Network POWR/BNT 1,147.42 0.0935920430
Bancor Network DAPP/BNT 1,050.42 0.0178252166
Bancor Network MFT/BNT 945.66 0.0021163829
Bancor Network JRT/BNT 763.45 0.0578579163
Bancor Network POA20/BNT 632.49 0.0181196156
Bancor Network CEEK/BNT 558.94 0.0023290878
Bancor Network MTL/BNT 502.88 0.3402086010
Bancor Network DICE/BNT 470.00 0.0002634599
Bancor Network X8X/BNT 445.37 0.0075322672
Bancor Network USDQ/BNT 422.74 0.9813045861
Bancor Network CAT/BNT 405.48 0.0002436861
Bancor Network XBP/BNT 404.88 0.0004275220
Huobi Korea BNT/USDT 355.03 0.9236000000
Bancor Network MFG/BNT 318.75 0.0049172029
Bancor Network DATA/BNT 310.86 0.0448207475
Bancor Network IND/BNT 291.43 0.0141203827
Bancor Network CHEX/BNT 288.23 0.0021487040
Bancor Network MYB/BNT 259.98 0.0010287613
Bancor Network ANK/BNT 250.48 0.0000272473
Bancor Network SAN/BNT 215.17 0.1539768725
Bancor Network AID/BNT 209.34 0.0077908565
Bancor Network XNK/BNT 201.02 0.0021446667
Bancor Network BLACK/BNT 199.19 0.0007279316
Bancor Network SCL/BNT 136.38 0.0119947444
Bancor Network TKN/BNT 115.35 0.3278312432
Bancor Network USDB/BNT 87.17 0.9979839082
Bancor Network NUT/BNT 81.75 24.4498777506
Bancor Network HEDG/BNT 73.34 0.6521759037

Background

Bancor targets a growing market for small cap crypto assets not listed on major exchanges which typically demand high liquidity. The Bancor Network, built on top of the Ethereum blockchain, facilitates token issuance and offers an open marketplace for crypto assets with potentially thin supply, e.g. tokenized merchandise by a local music band. Tokens trade instantly, on-chain, and can be made directly from any Ethereum wallet. User fees are limited to the gas needed to process the transaction via the Ethereum blockchain. Exchanges are governed by the Bancor Protocol and a novel extension of the ERC20 token standard called Smart Token. Continuous liquidity and deterministic price slippage is guaranteed for Smart Tokens through price and supply regulation encoded in the Smart Token contract. In effect, a Smart Token contract functions as a completely automated and decentralized central bank for the underlying token. The Smart Token standard can accommodate fiat trades (introduced in Q2 2018) and potentially non ERC20 tokens. Most notably, the protocol aims to integrate with EOSIO mainnet blockchain. [1] Smart Token applications are not limited to plain utility tokens. Smart Token contracts can act as a decentralized exchange for any ERC20-compliant tokens (Smart Tokens included); as a stable peg to another crypto asset (including non-ERC20 tokens, once cross-blockchain support is implemented); or serve as an intermediary token for exchanging token pairs not explicitly supported by Smart Token contracts in the network. The later is the main purpose of Bancor’s own Smart Token, BNT, which can be exchanged to all Smart Tokens in the Bancor Network rendering all token pairs in the network interchangeable. Further potential applications of Smart Tokens are described in the whitepaper including an elegant solution for on-chain price oracles. While any ERC20-compatible token can be exchanged within the Bancor Network, the team’s primary mission is to bring liquidity to low cap tokens. As the crypto economy grows, it is expected low cap crypto assets will eventually make up a significant fraction of the total market capitalisation. Similar long tail phenomenon are observed in mature online markets, for example books with too little volume to be carried by regular bookstores make up an estimated 30-40% of the titles sold on Amazon.

Technology

The main technical difference between the Bancor Network and other decentralized exchanges such as KyberNetwork or 0x is automatic market making that dynamically adjusts token supply in response to market orders. Each Smart Token has one or a few reserve tokens, called connector tokens, that can be exchanged for Smart Tokens. Each contract holds a reserve of connector tokens which is initially funded via the Smart Token issuance. [2] The market price is deterministic with zero spread and no counterparty needed to fill an order. Instead, the Smart Token smart contract automatically either mints or burns the required amount of Smart Tokens with an offsetting transaction to top up or withdraw from the connector token balance in return. The price at which the order is filled is calculated so that the ratio between the connector token balance and the value of outstanding Smart Tokens remains unchanged. This fixed ratio, called connector weight, is always in the range between 0% and 100%, defining price elasticity. [3] In other words, connector weight defines how aggressively the Smart Token price surges in response to buy orders, with 100% representing a stable peg. Smart Tokens can be traded on external exchanges as well, while arbitrage opportunities are expected to eventually even out the prices offered by the Bancor Network and elsewhere. Connector weights and the number of connectors are set by the issuer upon smart contract creation and define the use case scenario of the token. Tokens with total connector weight below 20% are considered liquid. For example, the Bancor Network Token (BNT) has a single ETH connector with a weight of 10%, which makes it relatively stable (in terms of historical volatility) against ETH while leaving room for growth. Configurations with a total connector weight of 100% may have one, two, or more connectors. A configuration with a single connector, called a Proxy Token, makes a stable peg, allowing existing ERC20 tokens to be backward compatible with the Bancor Network. Two or more connectors may be used, such configurations are called Relay and Array tokens, to make a trustless index token with pro rata share adjusted value of connector tokens. The team expects more applications to appear as new features are implemented. The major risk for the Bancor Network is the premise that low cap crypto assets will represent a substantial user base and market share. While virtually any asset can potentially be exchanged on the platform, the team rightly focuses on tokens with low liquidity thus targeting a niche with less competition. Already liquid assets are unlikely to generate volume in the Bancor Network. Indeed, for orders with large volumes the quoted price will likely to be worse than what is offered on high-volume exchanges due to price slippage. To date, the Bancor Network, like other decentralized exchanges has struggled to show substantial daily volume, which is typically range bound between $1-10 million comparing to $1-2 billion for the largest centralized exchanges. It is not clear at the moment if and when the long tail phenomenon will reveal itself for crypto assets. Like other decentralized exchanges, technological risks include the dependence on the underlying Ethereum blockchain and attack vectors on the pricing mechanism, e.g. front-running orders. [5] While not seriously affecting the operation of the Bancor Network at the moment, such risks may become relevant if the platform succeeds in attaining large trading volumes.



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